MCI restates 2000 and 2001 earnings

MCI, which is also known as WorldCom, has restated its 2000 and 2001 earnings, bringing the company a step closer to emerging...

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MCI, which is also known as WorldCom, has restated its 2000 and 2001 earnings, bringing the company a step closer to emerging from bankruptcy.

In its 2002 financial report, MCI reduced its pretax income by $74.4bn. MCI said its restatement included adjustments to revenues, expenses and earnings, as well as write-downs of assets and adjustments to liabilities.

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Consolidated revenues totalled $32.2bn in 2002, $37.7bn in 2001 and $39.3bn in 2000. With the restated earnings, MCI said it had net losses of $9.2bn in 2002, $15.6bn in 2001 and $48.9bn in 2000.

"This filing culminates the largest and most complex financial restatement ever undertaken," said Bob Blakely, MCI's chief financial officer. "It is one of the last remaining milestones on our path to emerge from Chapter 11 protection."

MCI said the restatements will not affect its operations or liquidity. At the end of 2003, the company said its consolidated cash and cash equivalents totalled approximately $6bn.

The company declared bankruptcy in July 2002 even as it continued to disclose a string of accounting irregularities that added up to $11bn.

MCI said it is continuing to work on its 2003 financial statements and expects to emerge from Chapter 11 protection next month.

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